“Through Telkom’s engagement with Oger Telecoms in relation to Cell C, it has become clear that there is a difference between the parties on the assessment of value of the proposed transaction,” Telkom said in a statement.

Buying Cell C would have given Telkom about 20 million mobile phone users but also a company facing a consumer backlash due to slow network speeds.

The company said on Nov. 9 it was in talks to buy Cell C to boost its fledging mobile phone business.